Home-mortgage rates took another leap this week, bringing the average rate on a 30-year fixed-rate mortgage to its highest in seven months, Freddie Mac reported Thursday.
The 30-year fixed-rate mortgage averaged 5.59% for the week ended June 11, according to Freddie Mac's weekly survey of conforming mortgage rates. That is up from 5.29% last week. The mortgage averaged 6.32% a year ago, and the rate hasn't been higher since the week ending Nov. 26, when it averaged 5.97%.
"Mortgage rates followed the increase in bond yields this week as the May employment report showed that the economy lost fewer jobs than the market consensus had expected," said Frank Nothaft, Freddie Mac vice president and chief economist, in a news release.
Rates on 15-year fixed-rate mortgages also rose, averaging 5.06% this week, up from 4.79% last week. The mortgage averaged 5.93% a year ago, and hasn't been higher since Dec. 11, when it averaged 5.20%. Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.17%, up from 4.85%. The ARM averaged 5.51% a year ago. And one-year Treasury-indexed ARMs averaged 5.04%, up from last week's 4.81%; it averaged 5.09% a year ago.
Mr. Nothaft said that while higher mortgage rates are slowing refinancing activity, they haven't slowed demand for home purchases.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment